Cryptocurrency Market News: Cryptocurrency wallet hardware maker Ledger on Tuesday took a major step forward in its efforts toย fix the ongoing controversy surrounding the security concerns with the recently added feature. Theย pastย few the Ledger feature is stated to have a vulnerability that can expose userโs seed phrase. This led to plentyย of users moving their assets out of Ledger wallets. In this context, the Ledger team took the transparency way to deal with the safety concerns in the cryptocurrency market.
Ledger CEO Apologizes
Pascal Gauthier, the Chairman and CEO of Ledger, stated the company did not hopeย to surprise users over the seed phrase recovery concerns. Nonetheless, the CEO stated the company will priorititize security and increased transparency going forward. Hence, he stated, the company decided to accelerate its open sourcing plans. The open source code from Ledger will include the operating system, beginningย with core components of the OS, and Ledger Recover, which willย not released until this work is complete, the CEO stated in a statement. Thisย implies the key recovery featureโs release has been postponed until completion.
โOur unintentional communication mistake took everyone by surprise and influenced our customerโs capacity to accurately understand Ledger Recover, its role for the growing cryptocurrency community, and for Ledgerโs future offering. We apologize for the way this was communicated.โ
For additional security measures to avoid unauthorized user fund access, the passphrase feature can now we enabled, the company said.
